California’s Commissioner of Department of Business Oversight Talks Fintech

California’s Commissioner of Department of Business Oversight, Jan Lynn Owen, sat with American Banker to discuss the fintech market; the interview her thoughts on fintech and how challenging it cam be to transform financial services; the interview talks about chartering fintech firms at the state level as the commissioner believes it is the right way forward; her biggest concern is capital, this usually prevents a license approval as companies have enough to build but not enough to set aside; when it comes to sandboxes she says, “Sandboxes make me nervous. I can’t get past the fact that in my head, I see kids playing in a sandbox.”; she also talks about what they are doing to prevent high APRs, her thoughts on alternative data, pot banking and more. Source.